Modern Radio House, New Delhi v. ITO, New Delhi

ITA 2653/DEL/2008 | 1997-1998
Pronouncement Date: 29-01-2010 | Result: Allowed

Appeal Details

RSA Number 265320114 RSA 2008
Assessee PAN AAAFM7352H
Bench Delhi
Appeal Number ITA 2653/DEL/2008
Duration Of Justice 1 year(s) 5 month(s) 22 day(s)
Appellant Modern Radio House, New Delhi
Respondent ITO, New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 29-01-2010
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted E
Tribunal Order Date 29-01-2010
Date Of Final Hearing 25-10-2010
Next Hearing Date 25-10-2010
Assessment Year 1997-1998
Appeal Filed On 07-08-2008
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH E: NEW DELHI BEFORE SHRI C.L. SETHI JUDICIAL MEMBER & SHRI B.P. JAIN ACCOUNTANT MEMBER ITA NO. 2653/DEL/2008 ASSESSMENT YEAR: 1997-98 M/S. MODERN RADIO HOUSE 24/32 OLD RAJINDER NAGAR NEW DELHI VS. INCOME TAX OFFICER WARD 31 (3) NEW DELHI PAN: AAAFM 7352 H (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI R. SANTHAN AM ADVOCATE RESPONDENT BY : SHRI R.K. RAINA SR. DR O R D E R PER: C.L. SETHI J.M. THE ASSESSEE IS IN APPEAL AGAINST THE ORDER DATED 30.06.2008 PASSED BY THE LD. CIT(A) IN THE MATTER OF PENALTY LEVIED B Y THE AO U/S. 271(1)(C) OF THE INCOME TAX ACT 1961 (THE ACT) FOR THE A.Y. 1 997-98. 2. THE ASSESSEE HAS TAKEN A GROUND THAT THE CIT(A) HAS ERRED IN CONFIRMING THE PENALTY LEVIED BY THE AO. 3. IN THE PRESENT CASE THE AO HAD LEVIED PENALTY U /S. 271(1)(C) IN RESPECT OF THE FOLLOWING ADDITIONS WHICH WERE SUST AINED BY THE APPELLATE AUTHORITY:- (A) ADDITION OF RS. 2 57 000/- AS CREDIT IN THE BOO KS OF THE FIRM IN THE NAME OF SMT. VANDANA BAGGA PARTNER. (B) ADDITION OF RS. 4 77 000/- AS CREDIT IN THE BOO KS OF THE FIRM IN THE NAME OF SHRI HARESH THAKUR PARTNER. ITA NO. 2653/DEL/2008 PAGE 2 OF 3 (C) ADDITION OF RS. 4 40 000/- AS CREDIT IN THE BOO KS OF THE FIRM IN THE NAME OF SHRI HARESH THAKUR PARTNER. (D) TRADING ADDITION OF RS. 50 000/-. 4. ON AN APPEAL THE CIT(A) UPHELD THE PENALTY IN R ESPECT OF THE FOLLOWING AMOUNTS:- I. ADDITION OF RS. 7 34 000/- (RS. 2 57 000/- BEING CREDIT IN THE NAME OF SMT. VANDANA BAGGA AND RS. 4 77 000/ - IN THE NAME OF SHRI HARESH THAKUR) II. RS. 3 90 000/- ON ACCOUNT OF UNEXPLAINED CASH C REDIT. 5. HOWEVER WITH REGARD TO ADDITION OF RS.50 000/- MADE ON ACCOUNT OF LOW G.P. THE CIT(A) DELETED THE PENALTY BY OBSERVI NG THAT THIS ADDITION IS BASED ON ESTIMATE OF THE AO ONLY AND SUCH NO PENAL TY IS LEVIABLE. 6. WE HAVE HEARD BOTH THE PARTIES AND HAVE CAREFULL Y GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. 7. THE ADDITION OF RS. 2 57 000/- AND RS. 4 77 000/ - BEING THE CREDIT IN THE NAME OF SMT. VANDANA BAGGA AND SHRI HARESH THAK UR STAND NOW DELETED VIDE OUR ORDER OF EVEN DATE IN ITA NO. 4643 /DEL/2000 WHICH HAS BEEN FRESHLY DISPOSED OF IN PURSUANCE TO THE DIRECT ION OF REMAND GIVEN BY THE HONBLE HIGH COURT TO DECIDE THE MATTER AFRESH. THEREFORE PENALTY LEVIABLE U/S. 271(1)(C) IN RESPECT OF THE AFORESAID ADDITION DOES NOT SURVIVE. WE THEREFORE DIRECT THE AO TO DELETE THE PENALTY. ITA NO. 2653/DEL/2008 PAGE 3 OF 3 8. WITH REGARD TO THE ADDITION OF RS. 3 90 000/- BE ING THE CASH CREDIT IN THE NAME OF SHRI HARESH THAKUR THE MATTER ALONGWIT H THE ADDITION OF RS. 50 000/- ON ACCOUNT OF ADDITION OF CASH CREDIT IN T HE NAME OF SHRI HARESH THAKUR HAS BEEN RESTORED BACK BY US VIDE ORDER OF EVEN DATE TO THE FILE OF THE CIT(A) AND THEREFORE THE MATTER OF PENALTY I S ALSO BEEN RESTORED TO THE FILE OF THE CIT(A) FOR HIS FRESH ADJUDICATION HAVIN G REGARD TO HIS DECISION WITH REGARD TO THE ADDITION OF RS. 4 40 000/- MADE BY THE AO ON ACCOUNT OF THE CASH CREDIT IN THE NAME OF SHRI HARESH THAKUR. 9. THE PENALTY IN RESPECT OF THE TRADING ADDITION H AS ALREADY BEEN DELETED BY THE CIT(A). HOWEVER THIS ADDITION OF RS. 50 00 0/- HAS BEEN DELETED BY US VIDE OUR ORDER OF EVEN DATE. 10. IN THE RESULT THIS APPEAL FILED BY ASSESSEE IS ALLOWED IN THE MANNER AS INDICATED ABOVE. 11. THIS DECISION IS PRONOUNCED IN THE OPEN COURT O N 29 TH JANUARY 2010. SD/- ( B.P. JAIN) ACCOUNTANT MEMBER SD/- (C.L. SETHI) JUDICIAL MEMBER DATED: 29 TH JANUARY 2010 *NITASHA COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ITAT NEW DELHI. BY ORDER DEPUTY REGISTRAR